Towers of Capital (eBook)

Colin Lizieri - Professor of Real Estate Finance, Head of Department of Real Estate and Planning, University of Reading Business School.

About the Author

Acknowledgements

Introduction

PART I SYSTEMS OF CITIES AND CITIES OF FINANCE

Introduction

1 The Urban Hierarchy and Global Cities

1.1 Introduction

1.2 Cities and the urban hierarchy

1.3 World cities, global cities

1.4 Cities, space and finance

2 International Financial Centres and Global Cities

2.1 Introduction

2.2 Concentration in financial centres

2.3 Information technology and cities

2.4 Agglomeration and concentration

2.5 IFCs, concentration and office markets

3 A Sense of History: Development and Inertia in the
International Financial Hierarchy

3.1 Introduction

3.2 A sense of history

3.3 'The age of catastrophe'

3.4 Asian and Middle Eastern markets

3.5 Lessons of history: a tentative conclusion

PART II INSIDE THE OFFICE MARKET

Introduction

4 Occupational Demand, Office Space and Rents

4.1 Introduction

4.2 Land value, land rent and financial services

4.3 Rent models and rental adjustment

4.4 Empirical evidence of rental adjustment processes in major
office markets

4.5 Changing business practices and the demand for office
space

4.6 Employment, volatility and the use of space

5 The Supply of Space

5.1 Developers, development cycles and research

5.2 Development, building costs and property value

5.3 Economic models and developer behaviour

5.4 Real options and developer strategies

6 Investment, Capital Flows and the Office Market

6.1 Introduction

6.2 Real estate in the portfolio

6.3 Investment patterns and investor behaviour

6.4 Real estate vehicles and the portfolio

6.5 International real estate investment

6.6 Real estate capital flows

6.7 Investment, capital flows and IFC office markets

PART III INTERNATIONAL FINANCE, GLOBAL OFFICE MARKETS AND
SYSTEMIC RISK Introduction

7 Booms, Bubbles, Crises and Contagion

7.1 Introduction

7.2 Financial markets, co-movement and crises

7.3 Booms and bubbles

7.4 Real estate in booms and bubbles

7.5 Bubbles, crashes and IFC office markets

8 Globalisation, Ownership and Innovation in Real Estate
Markets

8.1 Introduction: innovation in real estate investment and
ownership

8.2 Innovation in property investment vehicles

8.3 Global real estate investment

8.4 Ownership patterns

8.5 Conclusions: innovation, ownership and real estate risk in
IFCs

9 All Fall Down: Global Financial Centres, Real Estate and
Risk

9.1 Introduction

9.2 Retracing the threads

9.3 Market integration, globalisation and systemic risk

9.4 Some preliminary evidence

9.5 Global financial centres and office market risk: some policy
implications

Epilogue

Bibliography

Index

"The book, with its solid theoretical underpinnings and
far-reaching analysis, has the potential to open the way to more
empirical work on the impact of globalisation on real estate
markets. As expressed by the author in the conclusion, it seems
likely that Towers of Capital will form a framework, and set the
standard, for globalisation studies in real estate for the years to
come." (Urban Studies, 16 April 2012)